Southeast Asian private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly acquired two historic buildings in downtown Kuala Lumpur — the former RHB building along Jalan Tun H S Lee and Bangunan UOB in Medan Pasar.
The acquisitions are part of Creador Foundation’s ongoing efforts to restore and revitalise Kuala Lumpur’s historic city centre.
According to sources, the 13-storey RHB building at 75 Jalan Tun H S Lee was acquired for approximately RM30 million, close to its previously reported reserve price.
The building holds significant historical value, having originally served as the headquarters of Kwong Yik Bank, Malaya’s first local bank, established in 1913. It was officially opened in 1965 by Malaysia’s first prime minister, Tunku Abdul Rahman Putra Al-Haj.
The building later became part of RHB Bank’s history following the acquisition of Kwong Yik Bank by Rashid Hussain Bhd in 1996 and its subsequent merger with DCB Bank in 1997. RHB has announced that its branch at the location will close in January 2027.
Meanwhile, Creador Foundation is understood to have purchased Bangunan UOB at 10–12 Medan Pasar, together with two neighbouring shophouses, for slightly less than RM40 million.
Both properties are located within Kuala Lumpur’s historic commercial district, where Creador Foundation and its founders’ Alaka Holdings Trust have been actively involved in restoration projects.
Sources indicate that Creador has acquired approximately 17 of the 27 buildings in the Medan Pasar area, while the remaining 10 are believed to be leased.
The foundation’s revitalisation efforts have also received government support. On 13 August, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh announced a collaboration between Kuala Lumpur City Hall (DBKL) and Creador Foundation to improve public spaces and rainwater management in Medan Pasar.
Since 2024, Creador Foundation has been working to restore heritage buildings around Medan Pasar and Central Market, transforming previously vacant properties into new commercial, cultural and community spaces.
Among its completed projects is the restoration of a row of historic shophouses in Medan Pasar, including the Sin Seng Nam corner building, which now houses KLCG Confectionery & Bakery.
One of the foundation’s major upcoming developments is the Muara Arts Gallery, a 20,000 sq ft public gallery dedicated to modern and contemporary Malaysian and Southeast Asian art.
Located across six restored Art Deco shophouses dating back to the 1930s, the gallery is scheduled to open in November 2026. The nearby Muara Arts Theatre is also under construction and is expected to be completed by 2029.
Established in 2018, Creador Foundation was founded by Creador founder and CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah, who founded SK Chambers.
Creador, established in 2011, is a Southeast Asian private equity firm known for its investments in companies such as MR DIY, Hock Kee Kopitiam and BIG Pharmacy.
According to its website, the firm manages approximately US$3.1 billion (RM12.52 billion) in assets.
The latest acquisitions further strengthen Creador Foundation’s role in preserving Kuala Lumpur’s architectural heritage while bringing new business, arts and cultural activities into the historic city centre.
